Pet food brand founder Nootie’s founders, who appeared on Shark Tank India 5 a few weeks back, witnessed emotions running high during their pitch. While one of the founders, Akshay Mahendru, got emotional as he fumbled during the pitch, his gesture for stray dogs left the Sharks quite impressed. Eventually, Akshay, his brother, and father managed to bag a deal from Namita Thapar and Anupam Mittal. They received an investment of Rs 1 crore for 4 percent equity and Rs 1 crore royalty until they recoup their money. Looking back at their Shark Tank India 5 experience, Akshay Mahendru spoke to SCREEN about the growth they witnessed after featuring on the show. He also lauded Namita and Anupam for looking after them.
Talking about their Shark Tank India 5 experience, Akshay said, “The experience was very nice, it was exciting. I have been in this industry for a very long time, and Shark Tank is like the epitome of achieving something in life. Being in front of the Sharks and the entire country, showing your business, your character, everyone has eyes on it. You are getting judged for who you are and what you’ve built. There was a little pressure, but in a good way.”
Looking back at the moment he got emotional, Akshay added, “I got a little overwhelmed because there was a lot of buildup about it in my head. We have been trying for this for the last 4 years. When it finally happened, I was prepared to face a lot of questions, and that happened. Everything went well, and we got the deal.”
‘You are always being judged against your competitors’
Akshay’s brand Nootie was put in a match-off with another brand called Smylo that catered to the same category. When asked if being a match-off on the show has its disadvantages, Akshay said, “It all depends on how you perceive a match-off. When you build something, you will always be compared, whether on TV or otherwise. You are always being judged against your competitors. I don’t take it negatively. With this, we got to understand our issues in comparison to a business that has just started and is doing well. We were pointed out on our branding, so it’s always good to learn from people who are doing well. How will a founder learn if he is not open to feedback and comparisons? So I took the match off in a very good spirit. We can replicate something good they are doing, and they can do the same.”
‘We immediately saw a 2.5x jump’
The Shark Tank India experience has turned out to be quite a fulfilling one for the Nootie founders. Sharing how they got recognition after the episode, Akshay also said how their business saw growth. “People have now started recognizing us. I was travelling to Bangalore recently, and people recognized me; they identify the brand. A lot of eyeballs are coming our way. At this point in time, we cannot discuss numbers, but everything is happening the way we imagined. There has been a positive impact on sales; we immediately saw a 2.5x jump in our call-outs. Since the first week after the show, my team has been relentlessly working to soak in the pressure that has come in.”
‘Namita and Anupam’s association makes us feel secure’
Akshay has been grateful for bagging a deal with Namita and Anupam. Sharing how the due diligence is still going on, Akshay revealed that he has yet to meet with Anupam and Namita. He further appreciated them and said, “We haven’t met with Namita and Anupam yet; we are connected on WhatsApp, and due diligence is going on. These guys are so well-connected, and they are looking after us in some way or another. And not just us, everyone who bagged an offer from them they are being looked after. As a founder, we are getting the expertise we asked for, and we now feel like there is a shadow behind us who is looking out for us.”
Throughout the season, Kunal Bahl has spoken against royalty deals. On the show, Kunal has said how he believes deals with royalty to be exploitative towards founders. Having bagged a royalty deal on the show, Akshay shared his opinion on Kunal’s thoughts and said, “See, it’s their hard-earned money; Kunal is a VC, his way of thinking might be different from others. For me, when it comes to a royalty deal, we are at a stage where we are profitable, and we could afford to do that. Their association makes me feel secure, and makes the brand go from what it is right now to 10x or 20x in the long term. Royalty will not genuinely matter to us in the future, because both Anupam and Namita can open a lot of avenues and doors for us that we would have to knock on 100 times otherwise. The kind of expertise they bring in should not come in the way of royalty; that was the only reason we took the deal. All these things would matter to a company that is making losses or burning money, but for us, that’s not the case; we are profitable.”
Shark Tank India 5 airs on Sony TV and SonyLiv every Monday-Friday at 10 pm.
